Short Sale, Foreclosure and Strategic Default

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Tuesday, October 23, 2007

Violations of truth in lending

A short sale and foreclosure attorney may be able to help you review your loan documents.

Mortgage ads may still be deceiving consumers, FTC says - MarketWatch: "Some of the ads were for rates as low as 1%, but didn't disclose that the stated rate was a 'payment rate,' and not the interest rate, which applied only during an initial period, according to the release. Also not disclosed in some of these ads was the loan's annual percentage rate, the uniform measure of the cost of credit that consumers can use to comparison shop for mortgages. Other ads that promoted very low monthly payments failed to give adequate disclosure of payment increases or final balloon payments."

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